The company, once valued at £9.5billion, said it now only makes about 7% of its revenue outside of Turkey after international growth plans stalled. The move is expected to bring about 1,500 job losses in Britain
Grocery delivery firm Getir is set to withdraw from the UK, Europe and the US, putting around 1,500 jobs at risk.
The company will now focus solely on its home market in Turkey, marking an end to its rapid expansion across these regions since the pandemic. The firm, previously valued at £9.5billion, revealed that it now only generates about 7% of its revenue outside of Turkey as international growth plans have stalled.
This move is anticipated to result in approximately 1,500 job losses in the UK although a spokesperson for the company has not confirmed the exact number of jobs affected.
This announcement follows rumours that Getir’s UK and European operations were facing financial difficulties, after its decision to withdraw from Italy and Spain last year. Getir also plans to exit Germany and the Netherlands, its only remaining EU markets, as well as the US. However, the company’s separate US subsidiary, FreshDirect, will continue operations. The rapid delivery company stated that this move would enable it to “focus its financial resources on Turkey”.
Simultaneously, Getir has secured a new investment round, led by Mubadala and G Squared. The company plans to use these funds to strengthen its competitive position in its core food and grocery delivery businesses in Turkey.
The company said: “Getir expresses its sincere appreciation for the dedication and hard work of all its employees in the UK, Germany, the Netherlands and the US.”
Getir was among a group of fast grocery delivery companies that expanded rapidly during the Covid-19 pandemic, with lockdowns driving increased consumer demand. In 2022, Getir reached a valuation of $12billion (£9.5billion) as it expanded its operations across Europe and the US. The company even acquired rival delivery firm Gorillas in December 2022 in a deal worth £96million. However, with people returning to in-person shopping, profit margins took a hit. In 2023, it slashed 14% of its workforce, which at that time was made up of 23,000 staff across Europe.
Rivals such as Deliveroo and Just Eat have also announced over 2,000 job cuts between them in the past 18 months. Earlier this month, Sky News reported that Getir was planning to downsize its UK operation, affecting around 1,500 workers including warehouse staff, managers and riders.